Press Release

White & Case Advises Republic of Nigeria on New US$1 Billion Global MTN Programme

Global law firm White & Case LLP has advised the Federal Republic of Nigeria on the establishment of a Global Medium Term Note Programme and subsequent issuance of US$1 billion, 7.875 percent Notes due 2032 thereunder. 

"This transaction underlines our market leading track record in the sovereign debt markets in sub-Saharan-Africa," said London-based White & Case partner Stuart Matty, who heads the Firm's Global Capital Market Practice and led the deal team. “It also builds on our strong and established relationship with Nigeria, having advised on all of the sovereign’s previous bond offerings."

The Notes were offered pursuant to Rule 144A and Regulation S and are listed on the London Stock Exchange. The transaction was nearly eight times oversubscribed and represents Nigeria’s fourth issue in the international capital markets, following previous issuances in 2011, 2013 and 2014, on which White & Case also advised. Proceeds from the Notes will be used by Nigeria to fund its budgeted capital expenditures.

"The popularity of the issuance demonstrates Nigeria’s attractiveness to international investors, despite continued volatility in emerging and frontier markets," said Matty.

The White & Case team in London which advised on the transaction was led by partners Stuart Matty and Melissa Butler and included associates Paul Gallup, Neha Saran and Jessica Oliver. Banwo & Ighodalo advised the Republic on Nigerian law, with a team led by Asue Ighodalo and supported by Ayo Owoigbe and Azeezah Muse-Sadiq.

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